U.S. sees long-term profit on financial rescue
WASHINGTON - The U.S. Treasury Department said on Friday that the many programs that it, the Federal Reserve and banking authorities implemented during the darkest hours of the 2007-2009 financial crisis likely will end up making a profit for taxpayers.
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Reuters
SEC Official Elisse Walter Chosen to Lead Agency
(WASHINGTON) — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the 2008 financial crisis. Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission. Obama will need to nominate a permanent successor before Walter’s term ends. News reports have suggested that Mary John Miller, a top Treasury Department official, is among those mentioned as a potential candidate. (MORE: Obama Selects Three Financial Regulators) Walter, who is a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the ...
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Watchdog faults Treasury, Fed for Libor use, wants alternatives
WASHINGTON - The U.S. Treasury Department and Federal Reserve need to stop using the benchmark interest rate known as Libor in financial rescue programs, as it might not be reliable and could put taxpayer dollars at risk, a federal watchdog said on Thursday.
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Reuters
Average for U.S. Jobless Claims at Fresh 5-Year Low
(WASHINGTON) — The number of people seeking U.S. unemployment aid barely changed last week, and the average over the past month fell to a fresh five-year low. The decline in layoffs is helping strengthen the job market. Weekly unemployment benefit applications rose just 2,000 to a seasonally adjusted 336,000, the Labor Department said Thursday. Over the past four weeks, applications have dropped by 7,500 to 339,750. That’s the lowest since February 2008, just three months into the recession. Economists pay close attention to the four-week average because it can smooth out week to week fluctuations. The steady decline in unemployment claims signals that companies are laying off fewer workers. That suggests many aren’t worried about economic conditions in the near future. (MORE: Weekly U.S. Jobless Aid Applications Fall to 332,000) The four-week average has fallen nearly 15 percent since November. The trend has coincided with acceleration in the job market. Employers have added an ...
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Treasury wants banks to peer behind shell companies
WASHINGTON - The Treasury Department is trying to strike a balance between the need for information from banks to help it nab hidden account owners and administrative demands that a rule toward that end might create for the banks.
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Reuters
Gas Spike Drives US Consumer Prices Up 0.7 Percent
WASHINGTON — A spike in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest. The consumer price index increased a seasonally adjusted 0.7 percent last month from January, the Labor Department said Friday. It was the biggest monthly rise since June 2009. Still, three-fourths of the increase in the index reflected a 9.1 percent surge in gas prices. That was also the largest monthly gain since June 2009. Gas prices had fallen in the previous four months. Since last month’s increase gas price have started to decline again. For the 12 months that ended in February, prices increased 2.0 percent. That’s in line with the Federal Reserve’s inflation target. (MORE: Sharp Drop in US Homes Lost to Foreclosure in February) Excluding volatile food and energy costs, core inflation rose just 0.2 percent in February. Over the past 12 months, core prices have risen just 2 percent. “Aside ...
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